Even in California! Every single home in our neighborhood that goes up gets purchased over asking!

Update: my place was on the market for 5.5 days, we got 8 offers and accepted one at $21,000 over asking price. Here I was thinking I’d be lucky to get asking price but we managed to be in a position to sell at the perfect time.

Crazy

quote:

Originally posted by PASig:
Update: my place was on the market for 5.5 days, we got 8 offers and accepted one at $21,000 over asking price. Here I was thinking I’d be lucky to get asking price but we managed to be in a position to sell at the perfect time.

Crazy

Nice. Congrats.

https://www.youtube.com/watch?v=kK62tfoCmuQ

Blood Sweat & Tears - Spinning wheel (1968)

I've been following real estate near Traverse City, Michigan. It is a desirable area, but Holy Cow! I don't know if it was due to bidding wars but two properties increased virtually overnight, one by 60K, and the other by 117K.

When do apartment rates skyrocket ?

quote:

Originally posted by oldbill123:
When do apartment rates skyrocket ?

In my area they already are high and that's part of what's driving these crazy prices.
Anybody that can qualify for a mortgage, ,,can get a low or almost no down payment house payment that is less than a rental payment.
What happens when the music stops is the real question.

quote:

Originally posted by PASig:
Update: my place was on the market for 5.5 days, we got 8 offers and accepted one at $21,000 over asking price. Here I was thinking I’d be lucky to get asking price but we managed to be in a position to sell at the perfect time.

Crazy

Now the flip side. Do you have to buy in this same market? It goes both ways....congrats on the sale!

quote:

Originally posted by sig77:


Now the flip side. Do you have to buy in this same market? It goes both ways....congrats on the sale!

Nope! This was a second property, we bought the house we live in now 3 years ago and aren’t going anywhere. Snagged that in an estate sale and it’s already appreciated in value pretty well which is nice.

quote:

Originally posted by PASig:

quote:

Originally posted by sig77:


Now the flip side. Do you have to buy in this same market? It goes both ways....congrats on the sale!

Nope! This was a second property, we bought the house we live in now 3 years ago and aren’t going anywhere. Snagged that in an estate sale and it’s already appreciated in value pretty well which is nice.

Winning! Congrats again! Well played.

I'm caught up in all this as well.

I understand what is going on, but it was time for us to move. Neighborhood is definitely changing for the worse, not to mention I had no room for my vehicles, boat, and old car. I got the room I needed plus a pool for my daughter and the change I think WE ALL needed. This will be the final place I call home after 22 years of being at my current home.

I paid a premium, but I also made out selling my home so it all evens out. The new neighborhood is 10X better and I'm centrally located between three cities.

Now I just have to fill out paperwork and write some checks as everyone wants their “Vig” for ME to sell MY OWN property.

City wants a U&O inspection + their cut

HOA requires paperwork and their cut for the “privilege” of selling property that is mine

quote:

Originally posted by 220-9er:
In my area they already are high and that's part of what's driving these crazy prices.
Anybody that can qualify for a mortgage, ,,can get a low or almost no down payment house payment that is less than a rental payment.

Yep. In this area, rental houses and apartments are pretty much being relegated to people who either:

A) Can't qualify for a mortgage due to bad credit or unsteady employment,
B) Haven't yet found a house to buy in their price range, since they're gobbled up just about as fast as they're listed, or
C) Purposely want to rent since they don't want the hassles of DIY maintenance

Because a house payment on a decent house is noticeably cheaper than a rent payment on a decent apartment or especially a decent rental house around here, and many of the houses in the area qualify for FHA or USDA loans with minimal (or no) down payment required.

So with a 0% down mortgage qualification with a super-low interest rate, plus a few extra grand in the bank to pay for closing costs (thanks to the stimulus checks), tons of renters are trying to buy a house and actually lower their monthly housing payments.

My fear is that in several years when the current house buying frenzy has inevitably calmed once interest rates go back up, and values are no longer being artificially inflated, these kind of marginal homebuyers won't have held back enough to cover maintenance and upkeep so their houses will start falling apart and actually lower surrounding property value.

quote:

Originally posted by PASig:
Now I just have to fill out paperwork and write some checks as everyone wants their “Vig” for ME to sell MY OWN property.

City wants a U&O inspection + their cut

HOA requires paperwork and their cut for the “privilege” of selling property that is mine

Is the city inspection a requirement?

For the HOA, what do the Bylaws say?

For the latter, if the Bylaws do not address anything about needing to pay the HOA to sell (and I bet, 3 months after the deal closes, the new owners will get a similar bill for the "privilege" of moving in), tell them where to go.

quote:

Originally posted by PASig:

HOA requires paperwork and their cut for the “privilege” of selling property that is mine

When I was moving out of my condo, which I owned, in VA to AZ, the HOA property mgr. said I needed to send him a "move fee" check for $150. I asked him if he was going to send some people over to help me move. He said the fee was for any damage caused to the curbs or grass by the moving truck. I told him to send me a bill if there is any damage. Never sent him a check and never heard about it again.

quote:

Originally posted by LS1 GTO:

quote:

Originally posted by PASig:
Now I just have to fill out paperwork and write some checks as everyone wants their “Vig” for ME to sell MY OWN property.

City wants a U&O inspection + their cut

HOA requires paperwork and their cut for the “privilege” of selling property that is mine

Is the city inspection a requirement?

For the HOA, what do the Bylaws say?

For the latter, if the Bylaws do not address anything about needing to pay the HOA to sell (and I bet, 3 months after the deal closes, the new owners will get a similar bill for the "privilege" of moving in), tell them where to go.

The racket here is that escrow requires a copy of the HOA docs to close. HOA charges $300-500 to produce a set of documents that should already be ready to go. Can't produce your own, needs to come from the HOA. So annoying.

quote:

Originally posted by Aeteocles:


The racket here is that escrow requires a copy of the HOA docs to close. HOA charges $300-500 to produce a set of documents that should already be ready to go. Can't produce your own, needs to come from the HOA. So annoying.

That's it exactly. I can't get to closing without paying the city and the HOA their tribute.

Just got a note from my agent that she wants to show the house Friday evening.

That's more action in just over a week than we had the whole year it was on the market last time.

I'm torn between wanting to sell and dreading the hassle of moving, finding temporary quarters and storage and getting the new modular up and ready to move into. That's gonna be a solid 6 to 9 months of uproar.

quote:

Originally posted by PHPaul:
Just got a note from my agent that she wants to show the house Friday evening.

That's more action in just over a week than we had the whole year it was on the market last time.

I'm torn between wanting to sell and dreading the hassle of moving, finding temporary quarters and storage and getting the new modular up and ready to move into. That's gonna be a solid 6 to 9 months of uproar.

After this last move from Washington to Arizona, then from the AZ rental into our current home, it would have to be quite the miracle to make me move. I can’t imagine doing it again. I’ll probably live here forever.

My wife's cousin just put her home up for sale in Sugar Hill, GA last week. Small 3BR, 2 2bath ranch with 1/2 finished basement and a second 2 1/2 car garage in the back. Listed at 280K last Friday. Offers came in on Friday ay 270K, 290K, and 310K. Had another final offer on Sunday stating that the buyer would pay 1K over the highest offer. The realtor did not bother showing the house on Monday as the cousin agreed to sell at 311K. The cousin had purchased the home two years ago for around 185K and added another 20K in upgrades. It's just crazy here in Gwinnett county!